Mortgage rates remained at or near record lows this week as the Federal Reserve signaled that measures designed to keep a lid on interest rates will remain in place for some time to come.
Rates on 30-year fixed-rate mortgages averaged 3.32 percent with an average 0.7 point for the week ending Dec. 13, down from 3.34 percent last week and 3.94 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21.
For 15-year fixed-rate mortgages, rates averaged 2.66 percent with an average 0.6 point, down from 2.67 percent last week and 3.21 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.7 percent with an average 0.6 point, up from 2.69 percent last week but down from 2.86 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending Dec. 6.
For one-year Treasury-indexed ARM loans, rates averaged 2.53 percent with an average 0.5 point, down from 2.55 percent last week and 2.81 percent a year ago. That's a new low in Freddie Mac records dating to 1984.
Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans increasing for a fifth week in a row, to a level 9 percent greater than a year ago. But applications to refinance still accounted for 84 percent of all mortgage applications.
Information provide from Inman News December 13, 2012
Monday, December 24, 2012
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